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Washington is regulating crypto on two clocks. CLARITY cleared the Senate Banking Committee 15-9 in May, but its first Senate floor test was pushed to September. The expected cloture vote on the motion to proceed typically requires 60 votes. If it advances, debate, amendments and a final Senate vote would follow. Senate changes could send it back to the House. Outstanding discussions include ethics provisions, stablecoin rewards, DeFi and developer protections, and investor safeguards. Meanwhile, the SEC will hold an open meeting Aug 14 to consider whether to propose Regulation Crypto Assets, a tailored offering regime for certain investment contracts involving crypto assets. The key word is "propose." Any release would still go through public comment and another Commission vote before becoming final. SEC Chair Paul Atkins previously floated three possible components with illustrative thresholds: · A startup exemption potentially lasting up to four years, with up to $5M in fundraising · A broader exemption potentially allowing up to $75M over 12 months, with tailored disclosures · A safe harbor clarifying when a crypto asset is no longer tied to an investment contract The actual proposal may differ. The SEC item is also narrower than full market-structure reform. It focuses on token offerings and fundraising under existing securities law, not comprehensive rules for exchanges, custody, spot-market oversight or durable SEC-CFTC boundaries. It builds on the SEC interpretation joined by the CFTC in March, which introduced a crypto-asset taxonomy and addressed when a non-security crypto asset may become subject to, or cease to be subject to, an investment contract. That interpretation also covered airdrops, protocol mining, protocol staking and the wrapping of non-security crypto assets. The U.S. path may now develop in layers: interpretation first, SEC offering rules next, legislation later. Can that sequence provide enough certainty, or does durable market structure still have to come from Congress? #SECActsAsCLARITYWaits